Callouts & quotes from 262+ activist slides

""It is time for shareholders' voices to be heard, for accountability to be introduced in the Taubman Centers boardroom, and for a clear message to be sent to the Taubman family that shareholders will no longer tolerate abysmal corporate governance, misguided operations, lavish developments and inferior total returns," said Land and Buildings Founder and Chief Investment Officer, Jonathan Litt. "Taubman continues to deliver suboptimal value for shareholders with 57% stock underperformance versus Class A Mall Peers over the last five years. We believe our two independent and highly-qualified director nominees, Charles Elson and myself, will bring the fresh perspectives and objectivity that we believe is currently lacking on the Board and can help reverse this trend of value destruction." — Jonathan Litt, Land and Buildings"

""Concession-holders have use of those concessions but cannot dispose of them at will because those areas belong to the state. If concession-holders do not respect the rules then those areas return to the state." "If this company (Alcira/Jungie) sold areas that had already been revoked and reverted to the state then that would be very serious, quite simply be an act of corruption. I don't understand how the Ministry of Mines has allowed this type of operation and the exploitation of mineral wealth if the areas had reverted to the state." "This sounds very serious. As a member of parliament I will try to investigate this subject..." "If there's corrupt people or people who have made the government look bad then they must be sanctioned." — Victor Borda, former speaker of lower House and a prominent member of the MAS Party"

"“I don't think anyone got a return on their investment. It was more for a sustainability perspective, so they could say we bought a cleaner vehicle… My opinion is the demand has definitely slowed from municipalities.” — XL Former Employee E; “For hybrids, they're squashing all that because hybrids aren't really proving to be that successful. They're pushing that money into full electric now. The clock is ticking away on hybrid technology and incentives.” — Former XL Employee A; “Why would FedEx agree to expand what XL has when they could just go fully electric and get beyond 25 miles per gallon from 14? Same for a Coca-Cola, Pepsi, or Verizon. I think all these companies, there's natural limits what check size they would send for XL hybrids as a product, because the benefit is fairly limited.” — Former XL Employee D"

""In November, we announced Bob Iger's return to the role of Chief Executive Officer. While remaining focused on the ongoing evolution of our core operating model, the Board gave Bob a dual mandate for his two-year term to rebalance investment with return opportunity while retaining the focus on the creative talent that defines Disney and to assist the Board in ongoing leadership succession planning." — Disney's 2023 Proxy Statement; "Success and succession are fundamentally different objectives for CEOs. Someone in Mr. Iger's seat has too many competing interests and conflicting incentives to handle both... the guy who gets you lost in the woods isn't the right guy to find your way out." — Charles Elson, Founding Director of the University of Delaware's Weinberg Center for Corporate Governance, December 2022"

""The amount of FCF should continue to rise in the next two years, in spite of rising capex. As a result, we expect share repurchases/cancellations to recur every year, in addition to rising cash dividends." — Macquarie, July 28, 2016; "One way of unlocking this value could be a holding and operating company separation..." — Morgan Stanley, July 2, 2016; "However, given very modest or even negative market expectations, we see significant rerating upside potential if the company implements better shareholder returns, either proactively or pushed by minority shareholders." — Citi, October 27, 2015; "We believe SEC's significant non-operating asset value should become clear through proactive shareholder returns and the group restructuring process." — Barclays, October 7, 2015"

"We have historically realized income, rather than expense, from these plans. We generated aggregate income from our U.S. and U.K. plans of $44.4 million in 2017, $27.5 million in 2016 and $8.2 million in 2015. The plans have been generating income due to their funded status and since they do not allow for new plan participants or additional benefit accruals. The effects of the defined benefit pension plans on our operating results consist primarily of the net effect of the interest cost on plan obligations for the U.S. Plans and the U.K. Plan, and the expected return on plan assets. We estimate that the defined benefit pension plans will contribute annual pre-tax income in 2018 of $32.4 million for the U.S. Plans and $41.4 million for the U.K. Plan. — XPO 10-K"

"“There’s no real business there”; “They don’t have those products” “I think the big hiccup or red flag right now is you could say, where are those products? For a company that’s been around for 13 years, it seems to me, if I was going public, I’d have this long list of amazing products—they don’t all have to be billion-dollar products, but something that looks tangible that says, we have succeeded and provided value to our partners and provided a good return on investment. And they don’t have that story. They don’t have those products. And so, do you believe that they are going to build those products and are going to have some success? Or do you believe that it’s just a smokescreen? There’s no real business there.” — Former director-level employee"

""Military schools still have the reputation as a dumping ground for boys in trouble, and a significant number of current Valley Forge cadets fit the profile," and further that "Honor codes that prohibit lying, cheating and stealing are fixtures at all military schools." — Baltimore Sun, May 31, 1998. "He started Pivotal Payments during what was supposed to be a semester off while studying at Concordia University. 'I definitely felt like my age was, and still is, a disadvantage,' Fayer said. 'It just means I have had to recruit talented people that can help guide and build the business and who I can continue to learn from.' He didn't return to complete his undergraduate degree." — National Post, April 7, 2010."

""We will get our financial house in order. I have seen other CROs and there's nothing in pricing or operations-wise, that's unusual or concerning here. This is a disciplined operations organization that can deliver programs with quality... In general, what our goal is here 2024 is a year that we would like to return to the kind of performance you saw in 2022 by the time we exit the year. And then on top of that, as we exit the TSAs, we'd like to start moving toward those industry benchmarks of our competitors. I think we publicly said there are a couple of competitors who have a business mix, it's a little bit more like ours, and we would go ahead and target those over time." — Tom Pike, President and CEO"

""We will get our financial house in order. I have seen other CROs and there's nothing in pricing or operations-wise, that's unusual or concerning here. This is a disciplined operations organization that can deliver programs with quality... In general, what our goal is here 2024 is a year that we would like to return to the kind of performance you saw in 2022 by the time we exit the year. And then on top of that, as we exit the TSAs, we'd like to start moving toward those industry benchmarks of our competitors. I think we publicly said there are a couple of competitors who have a business mix, it's a little bit more like ours, and we would go ahead and target those over time." — Tom Pike, President and CEO"

"We will get our financial house in order. I have seen other CROs and there's nothing in pricing or operations-wise, that's unusual or concerning here. This is a disciplined operations organization that can deliver programs with quality... In general, what our goal is here 2024 is a year that we would like to return to the kind of performance you saw in 2022 by the time we exit the year. And then on top of that, as we exit the TSAs, we'd like to start moving toward those industry benchmarks of our competitors. I think we publicly said there are a couple of competitors who have a business mix, it's a little bit more like ours, and we would go ahead and target those over time. — Tom Pike, President and CEO"

"We will get our financial house in order. I have seen other CROs and there's nothing in pricing or operations-wise, that's unusual or concerning here. This is a disciplined operations organization that can deliver programs with quality... In general, what our goal is here 2024 is a year that we would like to return to the kind of performance you saw in 2022 by the time we exit the year. And then on top of that, as we exit the TSAs, we'd like to start moving toward those industry benchmarks of our competitors. I think we publicly said there are a couple of competitors who have a business mix, it's a little bit more like ours, and we would go ahead and target those over time. — Tom Pike, President and CEO"

""Buffalo Wild Wings senior management is taking the company down a path of no return. They recently “compressed” 50 home office and field employees in an effort to reduce costs…The firing of four dozen key employees may have slightly improved the bottom line for one quarter but did nothing to address the real issues still in play: Lack of menu innovation which has driven customers elsewhere. Inferior POS support which has cost Franchisees and corporate operators hundreds of thousands of dollars in lost revenue. No technology innovation in a changing climate where competition is cutting edge. No plan to effectively market to millennials" — Comment submitted to www.winningatwildwings.com, 4/17/17"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives. So the operational measurement of success will be our ability to have a constant flow of breakthrough innovation... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives. So the operational measurement of success will be our ability to have a constant flow of breakthrough innovation... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

"“I think the big hiccup or red flag right now is you could say, where are those products? For a company that’s been around for 13 years, if I was going public, I’d have this long list of amazing products—they don’t all have to be billion-dollar products, but something that looks tangible that says, we have succeeded and provided value to our partners and provided a good return on investment. And they don’t have that story. They don’t have those products. And so, do you believe that they are going to build those products and are going to have some success? Or do you believe that it’s just a smokescreen? There’s no real business there.” — Former director-level employee"

""Those [fiber & small cell] returns are very attractive, meaningfully exceeding our cost of capital." — CEO Jay Brown, April 2018; "The [discretionary capex] returns we see on those investments so far exceed our cost of capital... Those investments continue to look really good even in this rate environment." — CFO Dan Schlanger, October 2018; "[W]e make investment decisions based on what we think the recurring yield on those assets is going to be and, ultimately, whether or not it is enhancing our long-term dividend per share growth rate...[W]e have to consider all of the cost of capital associated with the assets that we're looking at." — CEO Jay Brown, April 2020"

""This is a commercial secret. Depending on the ranking and scale of your agency you will get virtual gifts. I don't want to disclose how much. Anyway there is this sort of thing. It all depends on if your agency has that right. It depends on who you know and how good your broadcasters are." — Large Agency #3; "In the initial promotion period we will talk with Momo. We can discuss with Momo that we get a rebate on all of the gifts that we give a new broadcaster. They will return 100%. To establish a broadcaster we will spend more than RMB100,000. Hard to say how many new broadcasters we develop each month as it depends on the new peoples talent." — Super Agency #7"

"“...we remain committed to the proactive and disciplined allocation of capital. We have the capacity to return the majority of normalized free cash flow to shareholders in fiscal 2019, subject to factors such as M&A, financial markets and prevailing industry conditions. I am pleased to say this includes a proposed increase in the quarterly cash dividend for the sixth consecutive year, subject to shareholder approval in the annual general meeting in January 2019. Additionally, we retain the optionality to execute on M&A strategically for long-term goals, possibly utilizing debt where appropriate.” — Shuky Sheffer, CEO, Amdocs"

""No incremental debt incurred in acquisition" — TROX presentation – slide 15, 10/6/11; "Future cash flow from operations expected to be sufficient to pay cash portion of merger consideration ($12.50 per share or ~$190 million in aggregate)" — TROX presentation – slide 15, 10/6/11; "We've announced that we intend to issue dividends that are consistent with the industry peers. But with this level of free cash flow generation, there will also be opportunities for return of additional cash above and beyond the dividend to shareholders, and we will be exploring those alternatives." — TROX conference call – 10/10/11"

""During the fourth quarter, we achieved our strategic priority targets for shareholder distributions and asset dispositions." — Mark Lashier, January 31, 2025; "Yesterday afternoon PSX announced it will acquire Pinnacle Midstream for $550mm... While the deal looks fine on its own, we suspect investors will react negatively to PSX's decision on capital allocation. PSX had previously laid out a plan to sell at least $3B of non-core assets, which likely would include some non-op midstream, in an attempt to focus its portfolio and provide support for capital returns to shareholders..." — TPH & Co., May 21, 2024"

""To generate the large amount of private capital required to fund such a system, the Guarantor business model and expected returns through the cycle need to be attractive. That is, private investors in the Guarantors would have a reasonable expectation of a market rate of return on a risk-adjusted basis. To achieve this objective, investors would want to ensure that capital requirements are not too high, regulation and supervision is not too expensive, credit standards are sound and efforts to make housing more affordable do not impinge significantly on returns." — Mortgage Bankers Association, 4/20/2017"

"“To generate the large amount of private capital required to fund such a system, the Guarantor business model and expected returns through the cycle need to be attractive. That is, private investors in the Guarantors would have a reasonable expectation of a market rate of return on a risk-adjusted basis. To achieve this objective, investors would want to ensure that capital requirements are not too high, regulation and supervision is not too expensive, credit standards are sound and efforts to make housing more affordable do not impinge significantly on returns.” — Mortgage Bankers Association, 4/20/2017"

"“Although not saying so directly, Mr. Docter also indicated that Pixar had perhaps drifted too far from its storytelling roots” and that Mr. Docter “want[s] to double down on what allowed [Pixar] to speak to audiences to begin with.” — New York Times October 2023 Interview with Pete Docter, Head of Pixar Animation; “Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December [2021], and the Company’s robust pipeline of content is a testament to his leadership and vision.” — Disney November 2022 Press Release Announcing Mr. Iger’s Return as CEO"

"Although not saying so directly, Mr. Docter also indicated that Pixar had perhaps drifted too far from its storytelling roots and that Mr. Docter "want[s] to double down on what allowed [Pixar] to speak to audiences to begin with." — New York Times October 2023 Interview with Pete Docter, Head of Pixar Animation; "Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December [2021], and the Company’s robust pipeline of content is a testament to his leadership and vision." — Disney November 2022 Press Release Announcing Mr. Iger’s Return as CEO"

""Think of the soon-to-retire office worker. She saved because she wanted enough money to retire. Given the terrible returns on savings ... the prospect of continuing low interest rates might make her put even more money aside. Indeed ... the existence of savers who have suffered a loss of savings and have end-of-working-life savings objectives can imply that lower real interest rates are contractionary – savers put more money aside as interest rates fall in order to meet the savings they think they will need when they retire." — Raghuram Rajan, Lecture delivered at the BIS on June 23, 2013"

""our ability to adapt, evolve, and grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of the S&P 500 return of 490% and representative of a business model serving all our stakeholders" — CEO Larry Fink, 2024 Letter to investors; "approach to corporate governance can be described as value-focused engagement" — BlackRock Larry Fink, 'Dear CEOs Letter', 2012; "BlackRock engages with companies to drive the sustainable, long-term growth that our clients need to meet their goals" — BlackRock Larry Fink, 'Dear CEOs Letter', 2012."

"They’re [Sumitomo Realty] interested in growing and expanding. But they are not efficient when it comes to profitability. — Participant A; Their [Sumitomo Realty] capital allocation policy is less transparent than the other two. They care very much about growth investment and less about the dividend or shareholder returns. — Participant B; They [Sumitomo Realty] have goals for reduction of cross shareholdings but are not proactive compared to other companies. They express the willingness to get rid of the shareholdings but don't seem serious about implementing it. — Participant C"

"“... you know, incentives, I’ve come to learn, drive all human behavior.” — Bill Ackman, August 17, 2017*; “This is like driving a car the wrong way down a one way street... incentive fees are headed toward 10% with the addition of hurdles, not 30. Raising fees at any level of return is unacceptable when you think of the financial condition of our nation’s pension funds. The greed and arrogance in this industry just never ceases to amaze me.” — Jacob Walthour, CEO of Blueprint Capital Advisors, which works with institutional investors to invest in hedge funds, October 28, 2016*"

""You know, people have said that IonQ is like, buying into Intel in the early days. I think it’s actually closer to Nvidia, you know." — Peter Chapman, Absolute Return Podcast. "Well you know, quantum computing many people expect that quantum computers will be able to solve many of mankind's kind of grand challenges, everything from direct carbon capture, to new drug discovery, new batteries, solving strong AI, improving machine learning. Since we're talking about just a much bigger computer, it's kind of hard to say where it won't be used." — Peter Chapman, YouTube interview."

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

""Capital discipline is the critical process of allocating a company’s most precious resource after its people, cash flow, to ensure desired investment returns for the benefit of all stakeholders. At Anadarko, we created a culture of capital discipline through development of a focused allocation framework: Constraining capital in order to drive portfolio depth and constantly high-grade the portfolio, Instilling intellectual integrity via an honest but probing post-mortem processes, and Creating a learning culture that emphasized continuous improvement." — Karl Kurz"

"The valuer used the Residual Value Approach for the valuation of the investment property under development. In order to assess the market value of the sites, the valuer undertook a development appraisal to assess the potential value (Gross Development Value) of the fully completed and leased development as currently proposed, and deducted hard costs, soft costs, financing costs and a developer's expected required profit (which reflects the required level of return to a developer and the risk of undertaking the project). — CPIPG 2023 management report, p. 117"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla"

""DIS’s stepped-up Parks investment has the potential to drive significant returns, however investors likely need more insight into how DIS intends to allocate this capital across its resorts and cruise lines to factor this upside potential into estimates and valuation." — Goldman Sachs, September 2023; "Following the announcement, Disney’s shares are down ~3.5% intraday. Since it will take time before DIS sees the EBIT benefit from higher DPEP capex, we suspect investors are concerned about the potential near-term pressure to FCF." — Citi, September 2023"

"“DIS’s stepped-up Parks investment has the potential to drive significant returns, however investors likely need more insight into how DIS intends to allocate this capital across its resorts and cruise lines to factor this upside potential into estimates and valuation.” — Goldman Sachs, September 2023; “Following the announcement, Disney’s shares are down ~3.5% intraday. Since it will take time before DIS sees the EBIT benefit from higher DPEP capex, we suspect investors are concerned about the potential near-term pressure to FCF.” — Citi, September 2023"

""Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating...." — Acquisition of Bayer by Elanco 8/20/2019; "Looking at our returns, Elanco will generate significant cash flow and exercise strong cash management to pay down debt, reducing interest cost as quickly as possible, increasing optionality of the business and most importantly delivering double digit EPS growth to unlock value for you, our shareholders." — Elanco 2020 Investor Day 12/15/2020"

"“We’re number one in about 2/3 of the segments in which we compete...We’re number one in the cement additives business...Number two in concrete admixtures worldwide...We’re number one in a segment of the waterproofing business” — Greg Poling, President & CEO, January 2016. “We have a nimble, very low capital intensity business, and a very flexible footprint...We think these are sustainable advantages...Our margins and return on invested capital are as high as you’ll see in the industry...” — Greg Poling, President & CEO, January 2016."

""So, what we see is the CapEx that we're spending for things like fiber for small cells is very much in our head like an acquisition." — CFO Daniel Schlanger, May 2017; "[T]hat's why we are very excited about small cells because as you think about the total return story there, with the second tenant being low to mid-teens plus the escalator, the opportunity to do third and fourth tenant, we think that's a very attractive investment that will drive growth in dividend over the long-term." — Crown Castle Investor Relations, June 2016"

"The manner in which Dr. Kleinfeld chose to bolster Alcoa’s balance sheet, selling equity at the bottom, amounted to a bailout of existing shareholders – one ironically done at a significant opportunity cost to those investors with the misfortune of having participated. Had those participating investors invested in the Company’s self-selected proxy peers instead of placing their capital under the stewardship of Dr. Kleinfeld, they would have generated a return approximately 4x that realized on their investment in Alcoa."

"“Some investors are protesting that Darden’s idea of ‘direct engagement’ amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters. ‘They’ve got a history of only engaging with investors and analysts who are supportive of their views,’ said one Darden shareholder, who declined to give his name for fear of retribution from the company. ‘If the board is so convinced [a Red Lobster spinoff] is such a great idea, then put it to a vote.’” — New York Post"

""If you're looking for good value for producing a low-cost precursor for carbon material, I think you'd be hard-pressed to find a better place to do that than the Powder River Basin," — Charlie Atkins. "According to court documents and statements made in court, Charles Agee Atkins, of Chapel Hill, controlled and operated several risk consulting businesses... Atkins underreported the income that he received from these businesses on his tax returns, causing a tax loss of more than $380,000 to the IRS." — Court Documents"

"We believe $1 of revenue from small cells is as valuable as $1 of revenue from the tower business. It has all the same characteristics, long-term committed contract, annual escalation, the same components of we don’t have the incremental cost as we add additional tenants, high returns ultimately as the asset is leased up...So over time, we need to prove out that small cells has the same characteristics and sustains itself in the same way that towers has for the last couple of decades. — CEO Jay Brown, April 2017"

"“Consistent with the observation of hyperglycemia as an adverse event, fasting glucose rose through Week 26 (Change from baseline mean±SD 0.35±0.81 mmol/L) and had returned nearly to baseline by 65 weeks of treatment (Baseline mean±SD 4.997±0.635 mmol/L; 65 weeks 5.126±0.692 mmol/L). HbA1c followed a similar pattern, being elevated at 26 Weeks (Change from Baseline mean±SD 0.19±0.50%) and returned nearly to baseline by 65 Weeks (Baseline mean±SD 5.547%±0.4069%; 65 weeks 5.572% ±0.5103%).” — Miller et al (2024)"

""Shareholder returns continue to underperform peers similar in size and industry (as well as the broad industry and market index) over the last 1- and 3-fiscal year periods, while CEO compensation outranked most peers." — ISS Proxy Advisory Services, 2012 Hess Core Report. "The Company has been deficient in linking executive pay to corporate performance, as indicated by the "D" grade received by the Company in Glass Lewis' pay-for-performance model." — Glass Lewis 2012 Hess Corporation Proxy Paper."

""[Over] the last 10 years, our [Return on Capital Employed (ROCE)] has been higher than our refining or midstream peer sets. And we absolutely believe and are committed to ROCE as a key metric because we believe that we can accrete ROCE through disciplined investments, through disciplined asset dispositions and asset acquisitions. And we believe that ROCE is the leading indicator for increasing total shareholder return." — Phillips 66 CEO Mark Lashier, Wolfe Refining Conference, March 6, 2025"

"[Over] the last 10 years, our [Return on Capital Employed (ROCE)] has been higher than our refining or midstream peer sets. And we absolutely believe and are committed to ROCE as a key metric because we believe that we can accrete ROCE through disciplined investments, through disciplined asset dispositions and asset acquisitions. And we believe that ROCE is the leading indicator for increasing total shareholder return. — Phillips 66 CEO Mark Lashier, Wolfe Refining Conference, March 6, 2025"

"Actually, [the offset loan] is part of the treasury management of the company. We had some arrangement with a major commercial bank in china. The bank provide a loan 200 million USD. At the same time, the money will be transferred into RMB and deposited totally in the bank. And also, we enter into a forward contract to convert RMB into USD as of the maturity date of the loan so this means there is no risk and we are guaranteed a fixed return from this arrangement. — CFO of Man Wah Holdings"

""The determinant of whether the [Lightower] transaction is value-creative beyond the inherent tower/fiber multiple arbitrage will depend on the company's ability to replicate, if not surpass, the return profile of its macro business across its fiber footprint." — Barclays, July 2017; "Our ROIC trends are robust, even with our continuing investments in younger assets with significant long-term upside but lower initial tenancy and cash flow." — CFO Tom Bartlett, American Tower, July 2018"

""Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past three years in both reliability, unit cost and profitability." — Scotiabank, June 30, 2023; "Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds." — BMO, November 30, 2023"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability... — Scotiabank, June 30, 2023; Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/ commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds. — BMO, November 30, 2023"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability... — Scotiabank, June 30, 2023; Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/ commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds. — BMO, November 30, 2023"

"We expect to earn a full year 2021 adjusted EBITDA margin of 23.7 percentage to 24.1 percentage. The above outlook includes our anticipation that our troughs of service as a percentage of revenues will remain roughly flat. We also expect to incur full quarter public company costs and a small increase to operating expenses as we increase our investments in our digital and innovation capabilities. And prepare for our teammates to return to the office. — CFO Sekar, Q2'21 Conf Call"

"The errors and certain irregularities primarily related to the timing of recognition of (i) revenue, (ii) expenses related to certain inventory used for engineering and marketing purposes and (iii) expenses related to defective products under warranty not returned by customers. Additionally, errors were identified whereby the Company had derecognized inventory while control over such inventory was retained because the Company was obligated to buy it back. — SMCI SEC filings"

"It’s time to open up the windows at Arconic. When you speak with a shareholder at Arconic they are fed up. When you speak with a former employee of Arconic, they are saddened by the Company’s performance and fearful for their pension. A decade of poor returns and unfulfilled promises has left all stakeholders weary. Let’s welcome accountability at Arconic and take our place as a top performer in an attractive industry. — Patrice E. Merrin, Nominee for New Arconic"

"The subsidiaries of New Oriental China, which were registered as private schools (the “school-subsidiaries”), are subject to income taxes determined in accordance with The Law for Promoting Private Education (2003) where those school-subsidiaries registered as private schools not requiring reasonable returns (similar to a not-for-profit entity) are treated as public schools and are generally not subject to enterprise income taxes. — EDU FY2011 20-F, p. 47."

""UniFirst continues to lack a detailed, cohesive, publicly-articulated strategy for returning the business towards mid-single digit % revenue growth and high teens % EBITDA margins. We have written in the past that UniFirst's decision to reject Cintas' unsolicited takeout offer 'puts the shortest route to maximum shareholder value creation in the rearview mirror.' Today's results suggest that the alternative path may prove bumpy and winding." — J.P. Morgan"

""Khosla Ventures II and Khosla Ventures III had dismal returns, at less than 5% IRR as of March, 2016. This track record reduced their credibility and made their future fundraising efforts much more difficult." — Harvard Business School; "Once the very embodiment of Silicon Valley venture capital, the storied firm has suffered a two-decade losing streak. It missed the era's hottest companies, took a disastrous detour into renewable energy...." — Fortune"

"“while the Company’s Total Shareholder Return performance continues to significantly trail its GICS group, CEO pay is above the ISS selected peer median.” — ISS; “Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers.” — Glass Lewis; “shareholders should be deeply concerned with the compensation committee’s sustained failure in this area.” — Glass Lewis; “…we question her continued service on ANY public Board” — Glass Lewis"

""We welcome Trian’s return as a significant Legg Mason shareholder and the addition of Nelson and Ed to our Board of Directors. Their experience in the asset management industry will be valuable as we pursue our common goal to increase value for Legg Mason clients and shareholders. We look forward to working closely and constructively with Nelson and Ed to achieve this objective." — Joseph A. Sullivan, Legg Mason's Chairman and Chief Executive Officer"